Too many people underestimate the power of the stablecoin bill. In my view, this is simply a genius version of dollar hegemony 3.0—

$6.6 trillion in deposits face the risk of being transferred to stablecoins, and for every $1 that flows from banks to stablecoins, an estimated $0.9 in incremental demand for U.S. Treasuries is expected.

The conception and launch of this bill are inevitable; you can find the answers in history—

1⃣ Dollar 1.0: Dollar hegemony anchored in gold

The U.S. established its 1.0 hegemonic position with gold reserves and post-World War II reconstruction funds. Soon after, in the 1960s, the Vietnam War fiscal deficit and the hollowing out of American industry led to continuous selling of the dollar, with France's de Gaulle directly shipping gold back on warships.

Until 1971, when Nixon closed the gold standard, the Bretton Woods system collapsed, marking the end of the 1.0 era.

2⃣ Dollar 2.0: Petrodollar hegemony

After decoupling from gold, the dollar began its era as a fiat currency.

The hallmark of this period was the signing of the U.S.-Saudi agreement in the late 1970s, which mandated that global oil trade must be settled in dollars, establishing the petrodollar system.

During this phase, dollar hegemony was not based on gold but on the dominance of global energy circulation, the credit of U.S. Treasuries (the largest, deepest, and most liquid bond market in the world), and the geopolitical security provided by the U.S. military and NATO.

Until after the 2008 financial crisis, when the dollar began to be printed excessively, leading to increasing global reliance on the liquidity produced by the U.S., while the U.S. itself lost control of its debt, and the world failed to find a second alternative reserve asset.

3⃣ Dollar 3.0: On-chain dollar hegemony

During this period, the stablecoin bill passed directly, becoming a new transmission mechanism for the dollar, placing it on-chain without the need for banks, SWIFT, or clearinghouses.

Even if a country imposes capital controls or moves away from the dollar, ordinary people can still bypass these restrictions and directly store and transfer value using USDT or USDC.

To summarize—

Dollar 1.0 → Physically gold-backed

Dollar 2.0 → Geopolitically energy-backed

Dollar 3.0 → On-chain liquidity-backed, essentially the digitization of the dollar + the expansion of disintermediation

This energy game is very interesting. Web3 believes we need to protect wealth sovereignty amid excessive currency issuance, while hegemonic governments want to use Web3 to solidify their hegemony.

Now there is no common enemy; we only have common interests. We need to bring more people into this system, and then the rise will be a common goal, which is bound to happen!

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